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Oil & Gas

Oil and gas news from the Middle East and beyond. All the important stories, exclusive interviews, plus authoritative opinion and analysis

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Oil & Gas news

Sultan Al Jaber encouraged environmental lobbyists and the hydrocarbon industry to work together 'to do something unprecedented'

Al Jaber flags ‘strong views’ and calls for collaboration

Cop28 president Sultan Al Jaber told delegates at the opening of the global climate change conference in Dubai that he was aware that there were “strong views” about the inclusion of fossil fuel companies in the discussions. In his opening remarks, the Emirati head, who is also chief executive of the state oil company Adnoc, […]

Oilfield, Bulldozer, Transportation

Dana Gas to invest $43m to expand gas wells in Egypt

Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year. The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported. During a meeting […]

Harvesting wheat in Sharkia, Egypt. The Opec Fund is backing food security projects in Egypt and Jordan – both big importers of grain

Opec Fund piles up financing for wheat, wind and water

The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI.  Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […]

Weak global growth in 2024 could prompt further Opec+ cuts if the oil market shifts decisively into surplus, said Fitch Ratings

Oil markets stand by ahead of Opec+ meeting

Oil prices rebounded slightly on Wednesday but uncertainty reigned ahead of Thursday’s Opec+ meeting where the question of temporary cuts is likely to dominate. Brent traded at $82.34 at 15.11 GST, while WTI climbed 1 percent to $77.36, supported by a supply disruption caused in the Black Sea, a weakening dollar, and reduced geopolitical risk […]

Opec secretary general Haitham Al Ghais has responded to the IEA

Opec says IEA has ‘vilified’ oil and gas producers

Opec has hit out at the International Energy Agency, saying the IEA has “unjustly vilified” the oil and gas industry by accusing it of being behind the climate crisis. The organisation of leading oil producers responded on Monday to the IEA’s latest report about the industry’s transition to net zero. Its statement highlighted the divergence […]

Oil production represents approximately 90% of Libya's economy

Libya’s state oil firm needs $17bn to increase output

Libya’s state oil firm, the National Oil Corporation (NOC), needs a budget of $17 billion to increase national oil output to 2 million barrels per day in three to five years, its chairman, Farhat Bengdara said in an interview. Bengdara told Alwasat TV on Sunday that there were no obstacles to increase the output but […]

Oman's oil and gas industry received the majority of investments, accounting for 52.8%of total FDI

Oil and gas investments in Oman reach nearly $6bn

Total investment in oil and gas exploration, production and development in Oman reached $5.84 billion in the first half of 2023. Capital expenditure, including geological surveys, drilling and facilities, accounted for 62 percent of total investment, while 38 percent was allocated to operating expenses, state-run Oman News Agency reported. Oil companies drilled many exploratory wells […]

Crude oil drips from a well Taqa Kurdistan oil

Fossil fuel company valuations set to take a hit

The International Energy Agency (IEA) has urged the oil and gas industry to actively participate in the fight against climate change by investing more in clean energy, despite the fact the declining demand for fossil fuels will lead company valuations to decrease by up to 60 percent. The IEA predicts that global demand for oil […]

The possible deal with Adnoc could value German oil and gas producer Wintershall Dea at more than $11bn

Adnoc considers buying German oil and gas producer

State-owned Abu Dhabi National Oil Company (Adnoc) is exploring a potential acquisition of Wintershall Dea, the European energy business backed by BASF SE. The possible deal could value Wintershall Dea, a German gas and oil producer, at more than €10 billion ($11 billion), the news agency reported, citing informed sources.  UK-listed Harbour Energy Plc is […]

Saudi minister of energy Prince Abdulaziz bin Salman at an Opec meeting in June. It is thought Opec+ members cannot agree on further output cuts

Tensions over quotas and cuts delay Opec+ meeting

Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said.  Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […]

Starting in 2026, Oman will deliver one million tonnes of LNG per annum to BP for nine years

Oman signs 9-year LNG supply deal with BP

State-owned Oman LNG has signed an agreement to deliver one million metric tonnes per annum of LNG to British oil and gas major BP. Starting in 2026, the LNG will be delivered to BP for nine years, the state-run Oman News Agency reported. Hamed Al Naamany, CEO of Oman LNG, said that the expected revenues […]

The bank expects oil demand growth to slow in 2024 to about 1.2 million bpd as tailwinds after the Covid-19 pandemic abate and Opec limits supply

Morgan Stanley expects Opec to rein in output

Morgan Stanley says prices of each barrel of Brent crude are likely to be supported at a level in the mid-$80s as it expects producer group Opec to continue to restrain production and stabilise oil inventories broadly at present levels. Oil prices kept in a narrow range on Wednesday, with the market awaiting news on […]

QatarEnergy wins $570m ruling against Spanish firm

QatarEnergy is the un-named company that will receive $570 million from the Spanish power utility Endesa after an arbitration ruling over a liquefied natural gas contract dispute, people familiar with the matter have told Reuters. The Spanish firm said on Monday it would have to pay the sum to an unidentified liquefied natural gas (LNG) […]

Executives from Emirates, Airbus and their partners at Wednesday's test flight in Dubai

Mena’s use of green jet fuel ‘needs incentives’ to take off

On Wednesday morning, an Emirates A380 took off from Dubai International Airport and headed down the coastline. It’s a familiar route, but this was something new: one of the Airbus’s four engines was 100 percent powered by sustainable aviation fuel. The 45-minute test flight came in a week of advances for sustainable fuels, known as […]

Qatar aims to expand its liquefaction capacity to 126 mtpa by 2027 from 77 mtpa

Turkey extends LNG deal with Algeria for three years  

Turkish state energy company Botas has signed a deal with Algerian state oil and gas company Sonatrach to extend their existing gas supply contract for three years, Turkey’s energy minister said on Tuesday. Under the deal signed during an official visit to Algiers by Turkish President Tayyip Erdogan, Turkey will continue to acquire 4.4 billion […]

The Ades contract with Pertamina will begin in the second half of 2024

Shell makes new natural gas discovery in Egypt

Shell Egypt has discovered a new natural gas reservoir in the North East El-Amriya block in Egypt’s Mediterranean Sea. The company finished drilling the first well in its three-well exploration campaign, Mina West, located in the North East El-Amriya block, it said in a statement. Drilling was conducted at a water depth of 250 metres […]

Backed by PIF, Ades Holding operates a fleet of 85 rigs in seven countries

Japanese trade body expects Opec+ to extend supply cuts

The head of Japan’s oil industry body said on Monday he expects Opec+ to extend its supply curbs after December to support oil prices. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to consider whether to make additional oil supply cuts when it meets on November […]

Aramco's Fadhili project will boost the plant’s processing capacity by 60% by November 2027

Saudi Arabia finds natural gas fields in east and south

Saudi Aramco has discovered natural gas fields in the south and east of the country, the state news agency said on October 19, in what could be a significant boost for the kingdom’s gas plans. Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, said the Al-Hiran and Al-Muhakik fields, both with strong natural gas flows, […]

Petro-Canada's oil refinery glows at dusk in Edmonton

Opec+ agonises over quotas but more cuts loom

Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […]

GIC completed the acquisition of a minority stake in Pipecare Group Holding on November 15

GIC buys stake in UAE pipeline inspection firm

Kuwait-based Gulf Investment Corporation (GIC) has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services. A joint statement from GIC and UAE-based Pipecare Group on Monday said the transaction was completed in Abu Dhabi on November 15. It did not give details of the size of the stake, […]